ALMNasdaq StockholmReal Estate - DiversifiedIFRS · SEK

ALM Equity

ALM Equity is a Swedish real estate development and investment company focused on urban housing and related property assets. Its business spans the full property value chain through development, construction, and property management, with most activity centered in the Stockholm area.

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Operating profit (EBIT)-93.0m SEK
+83.6 %y/y
Net income-238m SEK
−8,688.8 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-2,00002,0004,0006,0008,000m SEK2022: 9.0 m SEK20222023: 6,902 m SEK2023: EBIT -712 m SEK20232024: 2.4 m SEK2024: EBIT -568 m SEK20242025: EBIT -93 m SEK2025-93
RevenueOperating profit (EBIT)
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Business

Share of revenue
Development45 %

Acquisition, planning, concept development and sale of housing projects.

Entrepreneurship / Contracting35 %

Full-scope construction execution for internal projects and external clients.

Property Management15 %

Operation, leasing and management of rental housing and commercial premises.

Investment and Asset Structuring5 %

Packaging, financing and restructuring of property assets and holdings.

Customers

ALM Equity sells and develops housing for a broad base of end buyers seeking efficient homes in well-connected urban locations, especially around Stockholm. It also serves external contracting customers and tenants of its managed rental properties and premises. In addition, the company works with capital partners and co-investors in structures that support project financing and asset monetization.

Residential homebuyers

Buy newly developed apartments and homes in urban, commuter-close locations for owner-occupation.

Rental tenants

Lease apartments and premises in the managed portfolio for housing or local business use.

External contracting clients

Purchase construction and project execution services outside the internal development pipeline.

Capital partners and co-investors

Provide funding or share ownership in projects to accelerate development and reduce capital intensity.

Strategy

ALM Equity’s strategy is to identify property opportunities with strong long-term value potential and then create value through development, contracting and management across the full value chain. The company emphasizes commuter-close housing, efficient layouts and active asset structuring, often using financial partners to support project execution and capital recycling. Its model is designed to control more of the value creation process from acquisition to exit or long-term ownership.

Concentrate on Stockholm-area housing demandShort term

The company’s project pipeline and brand are built around the Stockholm commuter market.

Maintain control across the property value chainMedium term

Owning development, contracting and management capabilities supports execution and value capture.

Use partnerships and structuring to recycle capitalMedium term

Co-investment and asset structuring can expand project capacity while limiting capital strain.

Geography

ALM Equity is overwhelmingly concentrated in Greater Stockholm, with reported exposure of 99% to Storstockholm and 1% to the rest of Sweden. The portfolio is centered on locations within commuting distance of Stockholm Central Station, which ties demand to the Stockholm housing market and local infrastructure. The company also has a smaller presence in other Swedish municipalities outside the core Stockholm area.

Risks

ALM Equity is exposed to Swedish housing-market cyclicality, project execution risk and financing risk because its model depends on developing, constructing and monetizing property assets. Concentration in Greater Stockholm increases sensitivity to local demand, pricing and planning conditions, while its use of partners and project-specific capital structures adds counterparty and funding complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Project execution and construction risk1Stockholm market concentration2Planning and regulatory risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Project execution and construction riskImpact: HighLikelihood: Medium

    The company runs development and contracting activities, so delays, cost overruns or quality issues can reduce project value.

    Exposure: Development and Entreprenad

  2. Stockholm market concentrationImpact: HighLikelihood: Low

    Most projects and housing exposure are tied to one metropolitan area, making results sensitive to local demand and pricing.

    Exposure: Greater Stockholm

  3. Financing and interest-rate riskImpact: High

    Projects are financed through capital structures and partnerships, making returns sensitive to funding costs and availability.

    Exposure: Project-level capital structures

  4. Planning and regulatory riskImpact: MediumLikelihood: Medium

    Value creation depends on zoning, permits and detailed planning approvals before projects can be realized.

    Exposure: Land acquisition and planning

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Accounting

Judgemental items
Fair value measurement of investment properties

Reported values depend on cash flow models and external valuation inputs, which can materially affect earnings and equity.

Impact: Property value and valuation gains/losses

Development asset valuation and project estimates

Project margins depend on assumptions about costs, timing and exit values.

Impact: Development profit and asset carrying values

Non-IFRS key figures

Metrics such as order stock, rental value and housing units under development are operational indicators rather than IFRS revenue.

Impact: Investor interpretation of business momentum

Lease accounting

Right-of-use assets and lease liabilities affect leverage and operating cost presentation.

Impact: Balance sheet and EBITDA comparability

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Last updated: 24/09/2026